16 years old and want to start in real estate

Member since 2019 · 2 posts · 0 votes

Hey, I’m 16 years old and want to start investing in real estate. I was thinking about starting off with house hacking or buying a small single-family home that I can flip. Can you guys please give me some advice

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Ned CareyPro Member

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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes

@Gamel Mozeb welcome to BP. I congratulate you on wanting to start so young. I sure wish I had. Good luck young man.

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
Originally posted by @Gamel Mozeb:
Hey, I’m 16 years old and want to start investing in real estate. I was thinking about starting off with house hacking or buying a small single-family home that I can flip. Can you guys please give me some advice

Hello Gamel,
Great to hear you're starting to look into this so early in your life.
My advice: Start working on the books, establish some form of credit (if possible), save as much money as you can, enjoy your youth!
When its time for you to finance your first deal, the banks will look for 2 years of employment history, good credit and a debt-to-income ratio of no higher than 45-49% (depending on the lender).
Best of luck to you moving forward!
Abel
REbuild Team - eXp Realty5239 Reviews
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Richie Thomas
Rental Property Investor · Sedona, AZ · Member since 2018 · 260 posts · 141 votes
6y
Gamel, @Abel Curiel gave you some good advice. If college is in your plans, one option is saving for a down-payment now, so you can house-hack and pick your own roommates, while others are living on-campus. Also, consider choosing a college which specializes in real-estate finance. If college is not in your plans, consider a trade school which will teach you about rehabbing, inspections, and/or appraisal. Or look for a job as an assistant at a high-performing brokerage in your area.

No matter what, get a head-start on your credit, so that you can negotiate better terms when it comes time to leverage OPM (other people's money) to do your first deal. Establish a record of paying your bills on time, saving a significant portion of any income you make (aka paying yourself first), and generally living below your means.
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Ned CareyPro Member
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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
6y
@Gamel Mozeb welcome to BP. I congratulate you on wanting to start so young. I sure wish I had. Good luck young man.
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Gamel Mozeb
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Member since 2019 · 2 posts · 0 votes
6y
@Richie Thomas thank you guys all for responding. So I don’t have college in my future plans has of right now which I’m in my junior year so I can still change my mind. But do you know of any good trade schools for real estate and how would I be able to get a head start on my credit right now
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